We tuned into Google’s Marketing 2021 Livestream yesterday for their annual virtual keynote, giving insight into their latest trends, best practices and new products. Allowing us to hear directly from the industry leaders and experts who have transformed their businesses in the face of digital disruption, adapting to the new realities in today’s Covid-stricken world.
Whilst the livestream covered an array of topics, from Marketing Automation to utilising Customer insights, one particular area stood out to us; ‘The Future of the Retail’.
The past year has significantly accelerated the shift to ecommerce and cemented new consumer behaviours. But what changes will be lasting, and how can retailers be ready for what’s next? This session helped uncover new shopping behaviour insights, detailed strategies for how retailers have successfully adapted, and what to do to futureproof our marketing functions.
Below are a few of Eighty Eight’s takeaways from the jam-packed 20-minute session.
Trends and Insights
Digital Sources of Inspiration
- 60% increase in Google image searches for “ideas”
- 70% of shoppers surveyed bought from a brand after seeing it on YouTube
Customer’s count on Convenience
- Searches for “available near me” have grown 100%
- Searches for “curbside pickup” grew 3000% in the states
- Search interest for “delivery” is highest on a Sunday
Supportive spending – importance of aligning brand values with the customers own
- 71% of consumers prefer buying from companies aligned with their own, personal values
- Searches for “ethical online shopping” grew by 600%
AR & VR’s role within the customer journey
- Technologies being leveraged to show up at ‘decision making moments’ across shopper journeys
Hear from the Experts
Throughout the session, William White (Chief Marketing Officer @ Walmart) discusses the importance of;
- Focusing on fulfilling the customers needs, how this should always be the goal of a retailer
- Leveraging Google trends and insights to inform future marketing activities
Alongside this, when asked about Walmart’s future Marketing priorities, William discussed the use of emotional storytelling to remain truly customer centric. Through promoting brand purpose in their work means they talk less about what they sell, but more about why they sell it and who they are. Once customers buy into the brand ethos the potential for customer lifetime value (CLV) is tenfold to the value of a quick sale or promotion.
To close the session, we heard from Sajal Kohli (Head of Global Retail @ McKinsey & Co). He again touched on the future of retail, drawing attention to the pivot from building physical relationships to building digital relationships. He also discusses how automation and advanced analytics are going to further drive growth across the retail sector, paired with social commerce and community buying.
Sajal then leaves us with what he believes to be the ‘5 Biggest Opportunities for Marketers’, of which really resonate with us here at Eighty Eight Digital.
- Focus on multi speed (1 hour, monthly and yearly cycles of purchase activity)
- Blending analytics and creativity
- Brand purpose at the centre
- Integrator mindset – marketers have the responsibility of connecting the dots across multiple functions to serve customers
- Using data as a marketing currency
“Marketers sit at the epicentre of connecting the dots across multiple functions to serve the consumer holistically.”
Future Proofing your Marketing Approach
In a world that’s as unpredictable as the one we live in, the importance of future-proofing your marketing strategy is indisputable. Allow data to inform as much as you can, plan long term but never neglect capitalising on short-term fluctuations and trends. And remember, it’s never too late to adopt a digital-first approach.
“The best time to plant a tree was 20 years ago. The second-best time is now.”